In a large saucepan, bring broth to a boil over medium heat. Add peas, reduce heat, and cook until bright green, 1 to 2 minutes. With a strainer, scoop peas into a bowl. Transfer half of the peas to a blender and puree until smooth; set aside.
Keep the broth warm. In a large saucepan, toast the rice and shallots over medium heat in oil, stirring often, until the rice has darkened slightly and has a nutty aroma, 3 to 5 minutes. Add the broth 1 cup at a time, waiting until each addition is almost absorbed before adding more, and stirring the rice frequently, for about 20 minutes total. Before all the liquid has been absorbed, stir in both the pureed and whole peas, butter, and grated parmesan cheese. Once the risotto is fully incorporated, serve into warm bowls and garnish with fresh herbs.